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dailypress.com
Payday alternative
November 4, 2007
Over the past several months there have been a
number of articles in local newspapers about payday lending, its effect on local
economies, and what alternative products financial institutions offer. Recent
comments have been critical of area credit unions' efforts in providing
alternative products and education to members regarding payday lending
practices. We take issue with these claims.
Newport News Shipbuilding Employees' Credit Union offers its members two
alternatives to payday lending. Each provides a financial bridge in a 30-day
period from one paycheck to another at a reasonable rate of interest. Simply
put, we are channeling our efforts into products to members who may typically
use conventional payday lenders, providing them with a better short-term
alternative. Additionally, we have a financial counselor on staff conducting
personal budget, debt management and credit report educational workshops for
members throughout the year. Our financial counselor is also available to meet
one-on-one to assist members with their financial issues.
We continue to vigorously advertise NNSECU PayDay Cash loans in local
newspapers, on our Web site and in our branch locations.
We actively support and applaud the efforts of our neighboring credit unions and
other financial institutions that provide a low-cost alternative to traditional
payday lending sources.
George R. Dudley Jr.
President/CEO, Newport News Shipbuilding Employees' Credit Union,
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